Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised Patterson-UTI Energy from a hold rating to a buy rating and set a $23.00 price target for the company in a report on Wednesday, October 11th. Deutsche Bank began coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They set a buy rating and a $25.00 target price for the company. Jefferies Group set a $26.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a report on Thursday, October 5th. Citigroup set a $24.00 target price on Patterson-UTI Energy and gave the stock a buy rating in a report on Thursday, October 5th. Finally, SunTrust Banks reaffirmed a buy rating and set a $25.00 target price (down previously from $33.00) on shares of Patterson-UTI Energy in a report on Tuesday, October 3rd. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $27.40.
Shares of Patterson-UTI Energy (NASDAQ PTEN) remained flat at $$24.70 during midday trading on Friday. The stock had a trading volume of 3,706,473 shares, compared to its average volume of 3,140,000. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The firm has a market cap of $5,490.00, a price-to-earnings ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a twelve month low of $14.83 and a twelve month high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million during the quarter, compared to the consensus estimate of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The company’s quarterly revenue was up 232.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.58) earnings per share. equities analysts anticipate that Patterson-UTI Energy will post -0.8 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Wednesday, December 6th. Patterson-UTI Energy’s payout ratio is presently -5.16%.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.60% of the company’s stock.
Large investors have recently made changes to their positions in the business. Riverhead Capital Management LLC lifted its holdings in Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after acquiring an additional 4,653 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after acquiring an additional 1,089 shares during the period. Madden Advisory Services Inc. acquired a new position in Patterson-UTI Energy in the second quarter valued at approximately $236,000. Gluskin Sheff & Assoc Inc. lifted its holdings in Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after acquiring an additional 780 shares during the period. Finally, Timber Hill LLC acquired a new position in Patterson-UTI Energy in the third quarter valued at approximately $256,000. 97.71% of the stock is owned by institutional investors.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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